NICB & IGS Team Up to Track & Recover Stolen Vehicles

Posted & filed under economy, Insurance Briefs.

Earlier today, the National Insurance Crime Bureau (NICB) and IGS (a subsidiary of Portfolio Recovery Associates, Inc.) announced that they’ve teamed up to provide vehicle finance companies and auto lenders a full-service monitoring system for their loan portfolios.

The Las Vegas, NV-based IGS is a provider of skiptracing, asset location and collateral recovery services to many of the largest lenders in the United States. The NICB will be able to monitor a lender’s portfolio of financed vehicles, and provide thrice-daily reports on those vehicles that have been impounded, presented for export, or reported as either stolen or recovered. IGS will then work with the lender to find and recover the vehicle, in order to prevent cars and trucks from being exported without permission, as well as to decrease impound and storage costs.

Together, the two companies issued a joint press release which reads, in part:

“IGS is pleased to launch a new service offering whereby IGS will be able to act quickly on behalf of our customers to recover at- risk vehicles by using the NICB database to check on the status of every vehicle in a lender’s portfolio on a daily basis, minimizing losses and providing significant savings,” said Joshua Elias, president of IGS.

It is thought that easier tracking and recovery of stolen vehicles may lead to lower insurance premiums for consumers.